TF Securities(SH:601162) Zhi Tong Cai Jing·2025-09-09 23:57Core Viewpoint - The report from Tianfeng Securities highlights the potential growth of the AI industry chain and its positive impact on upstream copper foil production, suggesting that domestic manufacturers are likely to benefit from rapid demand growth and domestic substitution opportunities [1] Group 1: Company Insights - Tongguan Copper Foil has successfully achieved mass production of HVLP1-3 generation copper foil and has mastered core technology for carrier copper foil, positioning itself advantageously in the high-end PCB copper foil market [1] - Defu Technology plans to acquire a Luxembourg copper foil company to expand its presence in the high-end PCB copper foil sector and overseas markets, having established strong partnerships with major clients like CATL and BYD [1] - The domestic copper foil manufacturers, including Tongguan Copper Foil and Defu Technology, are expected to benefit from the growth in high-end PCB copper foil demand driven by AI developments [2] Group 2: Market Dynamics - High-end PCB copper foil is crucial for high-frequency and high-speed circuits, characterized by low signal loss and excellent thermal conductivity, directly affecting circuit performance [2] - The global high-end copper foil market is currently dominated by Japanese and Korean companies, with domestic firms gradually entering the supply chain [2][5] - The demand for HVLP copper foil is surging due to AI servers, which require significantly more copper foil than traditional servers, indicating a strong growth trajectory for domestic manufacturers [2] Group 3: Technical Challenges and Opportunities - HVLP copper foil production faces challenges such as high precision equipment requirements and complex production processes, which include multiple intricate steps [4][6] - The market for HVLP copper foil is primarily led by Japanese and Korean manufacturers, but there is substantial room for domestic companies to replace imports as they advance in technology [5][6] - The carrier copper foil market is expanding due to the increasing demand for IC packaging, with domestic companies making significant progress in achieving competitive production standards [8]